Mangesh Bhadang: For ACC and Ambuja our PAT estimates are close to Rs 280 and Rs 300 crores respectively. Overall, I guess most of the results from cement companies, on QoQ as well as YoY basis, have shown a decline. December realisations were not as great as we had seen in the past so the profitability is probably going to get impacted.

The consensus numbers are below us, very closer to around Rs 270 crores for ACC and around Rs 300 crores for Ambuja which means if these numbers come, there is going to be some downward revision in the CY12 and CY13 estimates. So overall, on going basis, probably given the valuations that these guys are trading at probably there would be some downside to the stocks post results.

ET Now: Many would argue that at the current juncture, both ACC and Ambuja are priced to perfection.

Mangesh Bhadang: There are two ways we look at cement stocks. On earnings basis, I guess they are still expensive and similarly even on the asset based valuations say on in terms of EV per tonne, Ambuja looks more expensive than ACC or UltraTech.

So, I do not think they are price to perfection, probably post another 5% to 10% correction they would be there.